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talking about 6,000 to talking about 5,900. the german bund rallying. same goes for the uk. we're seeing a rotation into safety, out of risk and out of spain and italy. about 4.5% for italy. thin trading in markets is exacerbating the move that we're seeing as we approach the year. today, the austy dollar is weaker against the u.s. dollar by about .4%. proxy there for global growth prospects. the dollar/yen is weaker by about .25%. this as markets digest the news out of the boj and gauge whether they'll be successful in boosting inflation ultimately. the euro/dollar, 1.3221. so for trading in asia, just how japan, china and the rest have been affected by fiscal cliff news, diedra morris is join onning us with plenty more. hi. >> hey, kelly. it was a bit of a rude awaking. a lot of these indexes were on their way to gains and then we had the fiscal cliff setback. we had news that john boehner's plan b failed. this all turned red and this is where we ended. the nikkei 225 coming back from that huge rally that we have seen over the last five weeks shedding 1%. the exporters hurt here becaus
of just 2.5% in the u.s., 1.5% in canada and zero growth in the uk. locally, cutbacks in government spending weighed on the numbers and lower commodity prices also impacted on cash flow and the government is facing more criticism about its effort to keep the budget in surplus while the economy grows. >> the government has had the objective of making sure that we would bring our budget back to surplus when growth has been around trend. what we've been seeking to do through good budget policy has been to provide maximum flexibility to the reserve bank to a just rate so. the government will always put in place appropriate budget settings which will support growth and jobs. >> still, analysts say growth could slow further as the mining investment boom peaks. yesterday, the bank of australia cut interest rates to a record low of 3% and traders are looking further easing next year to offset the falling talks of trade, the high australian daughter and further cutbacks in government spending. >> despite that prognosis for rates and the fact that we're now matching the record lows here, the
on the very issues which the u.k. yb are discussing in the combat. we know schools across the country are tuning in to watch and that is hugely welcome. just on process and housekeeping, let me say the following. first, nyp who wish to speak should stand in their place, or raise their hands if seated in a wheelchair. secondly, and most importantly, nyp should always say their name and region at the beginning of their speech. otherwise -- the official record of our proceedings will be deficient. the writers will not know who you are unless you say. if you be good enough to pause, momentarily, before you start your speech, that will give an opportunity for the microphone to be activated. your gain here -- you're going to hear from the leader of the house and the leader, whom is my delight to welcome here today. leader of the house andrew, and angela. and the parliament tear undersecretary of state at the department of education, the children's minister edward. edward, andrew, angela, it's a delight to have you. before we hear from andrew and angela, i call in order to read a message fro
prices to next year. it will be oil related, a chance, good job with raising the tax threshold in the uk. that means for the first year in five. uk link will be up, not down. and them i also think thattory thing our chancellor did a good job of was she raised taxes by 10 so companies can invest a 215 pounds, not just 200 pounds. >> that's a leverage the other governments have been trying to pull. but your point is interesting. it's not just the uk we were seeing there. and it goes back to the point you were making about oil. u.s. retail gas prices are down 16% since their peak this year. if it weren't for the fiscal cliff, this is actually a big source of stimulus for households. absolutely. i don't want to make too much about it, but the biggest attacks oeft with the and elevated since the mid '70s, it could be coming to an end. so i think that is something we need to be aware of. the annual fuel rate in the uk is about 15 billion to consumers. you're looking at another percent on income. so as i'm sitting down righting the income for next year, it's not all doom and gloom, the mood is
, is profoundly stuck. the u.k. has been put on negative watch on three largest credit rating agencies. the european union is britain's largest trading partner, europe's economy remains on prepares you footing despite several months of relative calm and there's a growing debate about whether the u.k. should lead the e.u. earlier this month we covered the "economist" magazine read "good-bye europe, look what happened when britain left the e.u. " i'm pleased to have george osborne back on this program and back at this table. >> thank you very much. >> rose: you're in new york city for a speech at the manhattan institute. >> i did that last night and had some meetings on wall street, seeing them there later. >> rose: so what's your message about the british economy to manhattan institute as well as the mayor and wall street? >> well, the basic message is britain is open for business. if you want to come and invest in a country that is dealing with its problems, cutting its business taxes, providing opportunities for companys to go britain is the place. i think we're doing better. >> rose:
about the contrast between the u.k. and the united states which i think is revealing, and some world's about -- words about challenges facing the world economy which is more important than those facing individual countries alone. the united kingdom was hit very badly by the financial crisis. total gdp fell by 6% between the peak at the beginning of 2008 and the trough in the second quarter of 2009. output still remains 3% below the peak level. and more than 15% below levels that output would have reached have the long run average growth rate merely continued. on top of that, the inflation rate has been a 2% target. and in the wake of the financial crisis, the budget deficit reached a level of 11% of gdp, a good part of that being structural. we have serious problems to contend with when trying to put in place an economic recovery program in 2009-2010. it was clear at that point that the u.k. needed a major rebalancing of our economy. the shift of spending away from consumption, private and public and toward the net exports whether exports or production to compete with imports. the st
'll take a look at gilts. slightly lower, 1.77%. big day for uk. manufacturing pmis out for the month of november. italian and ten year sbpanish yields are also lower. down on the greek announcements, but substantially below 6%. ten year bunds 1.37%. those yields slightly higher. on the currency markets, we talked about this euro-dollar six week high. below that at the moment, but not by much. dollar-yen moving off the 7 1/2 month high at 82.17. aussie dollar weaker despite the good chinese data. dipping below 1.04 earlier on. we had retail sales data that was a little bit disappointing. sterling-dollar back above 1.60 as we wait for the pmis. the most searched terms apparently of 2012 were the u.s. election and iphone 5. and while the most searched person of the year was kim kardashian, this is according to yahoo! search engine, kate middleton and political polls also made the top ten list. so here is a simple question for you today. what dunk were the most interesting stories this year or the most interesting story, the election, the owe almost picks, the ongoing saga in greece. let
.5 billion in penalties. regulators in the u.s., u.k. and sorts when charged ubs and manipulating a key interest rate known as libor. >> his was person -- pervasive manipulation of global benchmark interest rates by dozens of staff across three continents. and the heavy fine reflects the regulator's concerns. the ubs chief executives said those of all but the extent of the fraud and bribes maybe revealed by further criminal investigations. in just one instance revealed by the u.k. financial services authority, ubs made corrupt payments of around $24,000 a quarter for 18 months to brokers to thank them for helping them manipulate the global industry. libor is used to price more than $350 trillion of contracts around the world. potential losers include pension funds, insurance companies, and individuals. more than a dozen banks have been caught up in an international inquiry and there are more cases to come. >> i would imagine there are probably more skeletons in the covered, and that really think that some point policy makers and regulators need to start focusing on the fact that we will
, relatively flattish trade, as well. the yield here on the spanish yield, 5.3%. the uk seeing yeldz slightly higher, as well. but, of course, it is christmas. it is the holiday season that we're up against. so you would anticipate that maybe some investor res closing out recent profits. sitting tight and waiting for that next year to start, karen. >> thanks very much, louisa. we are indeed in a festive mood. let me echo a very merry christmas to the viewers out there. on the agenda in the united states, there's no economic earnings start to go speak of this christmas eve. the markets will be closing early with the nyse and nasdaq depending at 1:00 p.m. eastern, the cme at 1:15 and the nymex at 1:30. the cme will close up shop at 1:45 eastern. u.s. investors get the monthly case-shiller home price index on thursday wednesday. thursday, it's jobless claims, new home sales and consumer confidence. friday, we round out on the week with the chicago pmi pending home sales. interesting to see the level of volume that we had in u.s. markets on friday. it was 4.8 billion shares traded. the fourth lig
if it weren't for the ipad, the uk sales figures would be extraordinarily weak. >> yes. although, you know, for the uk economy, the consumer sector is not the weakest point. i think what is interesting about the uk economy in the last six months is this quite stronger than expected growth. if you look at the gdp number. but a very worrisome trend. so a liberal market that remains very, very firm with respect to other similar economic weakness. and i think that is what we really have to solve on the uk economy to know if this relativerelativ relatively soft, but also, i mean, rather encouraging if you look at other european countries numbers. i think we will have to wait until well into next year to understand if this is going to have a long-lasting consequences on the uk economy and also on the consumer sector. it's too early to say. >> you mentioned it's not necessarily the consumer where we're looking at the gauge of growth in the uk. but we see the employment figures be relatively strong even at a time when gdp generally is weak. what's the disconnect between what we're seeing in the em
july, 2011. up .5%. yields coming down during the session yesterday. employment numbers out of the u.k. in around 15 minutes or so. we'll keep our eyes on that. yields also -- treasury yields, 1.67%. gild yields, 1.63. and bond yields higher. they got kicked higher in germany post that survey which we broke on the show, as well. as far as the currency market, dollar bit under pressure ahead of the fed. euro/dollar 130.08. we were down late friday and early monday trade, as well. dollar/yen, highs polls suggest mr. erbe will be a clear win in japan. however big will the lead be and what influence tell have on the bank of japan. dollar and yen pressured by more q.e. talk. and aussillar three-month high. the prospect of q.e. boosting commodityets. canadian doing well. firm at 1.6122. we have more on the asian trading day out of singapore. >> reporter: hi, thank you, ross. most asian markets finished on a bright note. the shanghai composite recouped morning losses in positive territory. property stocks turned higher in the afternoon. stocks also rallied while investors await beijing's det
export performance, creating jobs in the manufacturing sector. but germany and the uk need europe to improve. >> it comes at an inkrd eblly high cost in terms of the number of people out of work. what has been done? how much have we destroyed so that the jobs outlook and growth prospect in this country? >> well, what growth prospect in the southern european countries? we're seeing definitive bifurcation of northern europe and southern europe. southern europe, we are creating an underclass of long-term, especially youth unemployed that is going to give us a problem when the economies eventually start to get into balance and start to pick up. we still have this issue, even though we have tens of millions of people out of work, we still can't find the right skills and the right time. >> you mentioned the uk. the unemployment picture never got that bad in britain. so what happens now? why did it outperform? >> the uk is so different from the rest of europe. we've got london, the financial services sector, that didn't actually, in terms of job numbers, get hit as hard as the rest of eu
between us is we won the large multinational companies to pay proper taxes here in the u.k.. we believe you do that by having lower tax rate and we reduce the rate of corporation tax but by making sure they declare their income properly. that is why on this specific issue of transfer, companies have been pursuing strange practices to pretend there revenues aren't delivered in the u.k. and run down their tax bills. .. >> the entry of the energy bill to parliament now means we can get out there and sell to all of the energy companies the very clear and stable framework that the u.k. has for offshore wind, for nuclear, for renewables and, indeed, for gas. i think it's a very positive development, there's a huge amount of potential, pent-up investment, and we need to make sure that results in british jobs and apprenticeships, and the government is fully committed to making that happen. >> [inaudible] pruitt. >> the prime minister obviously believes within the leveson report, there exists something that is bonkers. how would the prime minister give the views of his planning minister
in ubs have edged up in early trade after the bank announced a major settlement with u.s., u.k., and swiss regulators over its role in the libor fixing scandal. with more we'll look at the story with carolyn roth with us on set. i guess we're expecting a settlement, expecting something big. what have we learned today? >> well, first of all, i mean, the market reaction -- ubs up by 1%, can you believe that? what barclays was hit with $450 million fine, i mean, we saw a big hit in barclays' share price. this fine is three time the amount that barclays was fined. $1.5 billion or $1.4 billion swiss>>frank: francs. this is on the libor manipulation charges. ubs must pay swiss regulators $59 million in profits because the regulator can't fine ubs. the fine from the fsa is the biggest ever, 160 million pounds, $1.2 billion will go to the u.s. regulators. so the second biggest fine that was ever handed to a financial institution. of course, following that $1.9 billion fine that was given to hsbc. what we do know is that the company is admitting criminal wrongdoing in its japanese arm b
of what weather. it is piling up over the u.k.. that is why we have the flood warnings. you can see more clouds trying to make its way across europe. as the rain makes its way into the cold air, it is turning more wintry. we will see it turned to snow. behind it is where the milder air is. towards the northwest, the rain continues. for the u.k., it will still be very what -- it will still be very soggy. we're looking in the top temperature of around 19 degrees. there is likely to be more in the wake of clouds. there could be showers across libya and parts of egypt. green festival, only on link tv. >> welcome back. police in india have used water cannons to disperse crowds in new delhi. people have been on the streets for six days voicing anger over the gang rape of a young woman. mario monti says his country has pulled itself out of the financial crisis. he stepped down after silvio berlusconi's right party withdrew support for the government prepare. the vote on the draft constitution in egypt is expected on monday. the moslem brotherhood is claiming victory. a senior provincial ministe
't seen that in the u.k. where the unemployment really hasn't reason as a result of such a deep downturn. >> is that the key factor given that we have had unrest in the past in bad economic times? do you think this time it's the unemployment figures that have made the difference? >> it clearly made a big difference because it shared the burden where whole industries would be wiped out or close to wiped out like the coal and steel industries in the 1980's. there was a focus for decent, a focus for protest. now it's more widely spread. someone in their street has lost their job. maybe a small closure but nothing like the massive closures we witnessed in the early 1980's. if things don't get better very slowly does that start to put a strain on democracy? is that why we've seen a rice in some of these extremist parties in europe? >> you have to be careful associating them directly with recession. the french national front was as strong and appeared in austerity when jacques chirac the leader of the nacional he was second in the french election. so the socialists were out even though it was
ourses to our international competitors, our economy here in the uk is growing by 0.6%, whereas in germany, we've seen growth of 3.6%. in the u.s., growth of #.1% during the same period. so certainly not a cause for celebration. still a difficult operating environment. under the former chancellor's plan, we would have been borrowing less in the next three years. because the government has failed to get our economy growing and because the policies have pushed us into recent double dip recession, they'll be pr rowing 212 billion pounds more than they planned. put that in context, that is the equivalent of what we in the uk will be spending this financial year on health, transport and defense in aggregate. >> you were talking quite rightly about the low level of he have credit growth in the uk, which has obviously been a feature of this period. but there's a question of what's cause and what's effect there. the banks will tell you that that problem is not so much availability of credit, there's credit demand and even in the mortgage sector which under normal circumstances you might
very cautious trading. we have industrial production coming out of the uk. if worse than expected, may get a negative q4 for the uk. italian yields are higher. spanish 5.54, just nudging a little higher. bunds down 1.29d% after the downgrade by the bundesbank, as well. draghi says we discussed it and again a big town great in inflation forecast, as well. some saying maybe they still won't, but it does knock the euro-dollar, 1.29d 25 is where we stand. dollar-yen 82.37. we talked about the yen in relation to what was going on with the earthquake. aussie dollar below 1.05. sterling-dollar just slightly weaker. that's where we stand as far as the european markets are concerned. let's get a wrap of the final trading day in asia this week. >> asian markets wrapped up the week on a mixed note. shanghai composite gained 1.6% and it's up over 4% on the week. stocks related to citi growth continued to surge as the new urbanization plan is aiming to boost investment plan. agriculture stocks up today on support policies. hang seng dragged lower by utility stocks. picc staged a strong trading debu
to allow the ecb to directly supervisor the three largest banks in each country except for the uk and sweden which have both opted out. european leaders need to give their seal of approval and silvia wadhwa is in brussels with the latest. sylvia, it sounds like the meeting went into the late hours of the night. it sounds like the uk and sweden got their way. how significant is this agreement? >> the early hours of the morning. one may wonder whether that's good news for sweden and the uk that they opted out of the banking supervision or whether that's good news for them in that sense that they opted out and had their way. bottom line is, we have an agreement. that's the most important thing. otherwise, they threaten meetings going between the years leading up to christmas because everybody agrees that we might have a type of agreement before the year is out. the agreement that is on the table, ecb will be the banking supervisor. the straightforward ecb supervisory council will be flanked by two other committees, a mediation committee and a steering committee. the personnel of this
editor-in-chief anna wintour possibly being nominated as the ambassador to the u.k. and that new reporting has sparked new questions about whether the woman infamous for being rather tough on her staff possesses the diplomatic skills to deal with our best friend over in england and international relations. former u.n. ambassador john bolton faced similar criticism when he was up for his post, and he joins us next on whether he thinks wintour, infamously portrayed loosely in the film "the devil wears prada" has what it takes. >> oh, good morning, miranda. >> get me isaac. i don't see my breakfast here. where are my eggs? where's the piece of paper i had in my hand yesterday morning? the girls need a surfboard or spring break. nothing melts away the cold like a hot, delicious bowl of chicken noodle soup from campbell's. ♪ let it snow, let it snow ♪ ♪ [ male announcer ] everyone deserves the gift of all day pain relief. this season, discover aleve. all day pain relief with just two pills. ♪ >> so you don't read runway? >> no. >> and before today, you had never heard of me --
toward the alpine region. some shower weather for the u.k. and much of france, too. over eastern parts of europe seeing cloudy skies, outbreaks of rain. -14 degrees is expected in moscow. we have a fairly brisk, northwesterly wind making an impact all the way down towards sudan seeing temperatures below average at 29 degrees. as we move into central parts of africa, while the monsoon rains are pushing further, a decent amount of rain is being reported but generally you see the rainfall pushing away from the democratic republic of the," . -- of congo. >> the french president, president hollande, has addressed the parliament as it celebrates 50 years of independence. although he did not directly apologize, he did say he recognized the suffering experienced by algerians. u.n. secretary general ban ki- moon sees little hope for political dialogue and is worried about atrocities being committed by both sides in syria. vladimir putin appears to be distancing himself from the syrian president. he says russia is not backing the syrian government at any cost. south korea's first-team a presiden
to pakistan is reunited with her mother in the u.k. welcome to "bbc world news." also to come, no where to pray for moslems in athens. and a quite at hollywood that revolution, making big returns to the silver screen. >>> breaking news coming to us from singapore. in the past few minutes, it was just announced that the indian woman who was gang raped in delhi earlier this month that has caused national average has died. she was being treated at a hospital in singapore where she was on life-support. in india, her brutal attack triggered nationwide protests. the authorities struggling to contain the growing anger. we have received a statement from a doctor, the chief executive of the hospital where she was being looked after. "we are very sad to report the patient passed away peacefully at 4: 40 5:00 a.m. today singapore time. her family and officials from the high commission of india were at her side. we join her family in mourning her loss. the patient had remained in extremely critical condition since admission to hospital from the morning of december 27. despite all efforts by a team
that threatens to go off the abyss to former u.k. member of parliament john brown who is going out of his mind. i cannot believe this, but, yet, when i first heard it announced, it really happened. >> yes, you are absolutely right. when i was a nato soldier myself and when i was a member of parliament i was on the political arm of nato which was the north atlantic assembly and it was clear that it was nato particularly with the american and british nuclear deterrence that kept the peace and that extended through a circle around the ussr and margaret thanker made me the escort for gorbachev and it was clear that president reagan's strategic defense initiative brought them to the negotiating tabling the e.u. was not alive, it was not a political union. >>neil: given the trend and how they hand out the awards the common theme seems to be bash america, sort of like sally field accepting it for, i don't know, jane fonda, his theme has been europe is in the pickle because of the united states, but this is a prevailing view that the european union is facing their problems because of the united states. t
us is allen higgins, chief investment officer for the uk coutts. good morning. >> good morning. >> so we've had 12 years of exposure to gold. you're limiting it now. why? >> it's starting to lag, but more subtly from a portfolio construction perspective, it's lost its negative correlation. for example, quarter 2010, well, euro crisis won when we had equity markets down a lot then gold really surged forward, giving a negative correlation. and so for the portfolio manager at coutts, it has been at times a legal high gold exposure surging upwards in times of stress. for those days seem to have gone. trimming it. that is a fact that there's a real shortage of low risk investments of on german bunch negative. >> but you're saying it's trading like other risk assets at the moment. >> at times, it's correlated with em. so it's less attractive from a portfolio construction perspective as compared to what it was. >> it's fascinating because we've been talking about one theme for 2013 being is it a stock picker's market, are we seeing less differentiation, what you're saying would suggest that
favorite example, which i went back and looked at it kind of horrified me. uk's might remember this widely reported. in january 2007, think about that date january 2007, mike bloomberg and chuck schumer, commissioned a report from mckenzie when new york was falling behind compared to london. to be the support you can google it in 30 seconds. it's shocking the main problem, the single biggest thing holding back the u.s. economy is overly harsh regulation of credit derivatives. it's in this report you will start a section on credit derivatives, how we need less regulation of them otherwise london will take over global finance. what was amazing at the time is everybody agreed that this report. eliot spitzer was quoted saying how great this was. chuck schumer was one of the sponsors in the u.k. labor was running the u.k. and even the critics said this report showed that even the labor is kind of spending far too much money on the nhs at least they give regulation right. so there was a very widespread bipartisan kind of economic faculties of the western world bought into this and that played a
the uk banned handguns. the surprising result that could change the gun control debate. "the kudlow report" start ises right now. >>> the big news tonight, still the developments in washington on the fiscal cliff, eamon javers joins us with the details. >> good evening, meshel. capitol hill sources tell cnbc that congressional leaders are planning to go to the white house tomorrow to meet with president barack obama and it is not entirely clear at this point when that meeting will take place and details are still being hammered out and we saw today a blistering series of rhetorical jabs from one side to the other and it's not clear as a result of all that whether a deal can, in fact, get hammered out in the remaining time before new year's eve and take a listen to senate republican leader mitch mcconnell earlier today explaining the problems he's facing in washington. take a listen. >> the truth is we're coming up against a hard deadline here and as i said, this is a conversation we should have had months ago. and republicans aren't about to write a blank check for anything senate d
. it is quite an unprecedented move for the u.k. and other european states to some and israeli ambassadors to try to -- to summon israeli ambassadors to try to pressure them. it is always easier for them to maneuver around it. i think it will be interesting to see if crime and not -- prime minister erdogan yahoo! will be -- it will be interesting to see what prime minister netanyahu has to say in the coming days. >> what is israel planning to build on? >> this is a very significant area we are talking about. it is an area east of jerusalem, it collects -- the next a large settlement to jerusalem. it would cut off east jerusalem from the west bank. it would make it impossible to have a connection between east jerusalem and the west bank. this has been married controversial, -- the e1 area has been very controversial. there is a red line for the international community that has been crossed, which is why we are seeing those strong reactions. >> thank you for that. in that egypt top judges have agreed to -- >> egypt's top judges have agreed to oversee a referendum. this comes a day after they
conditions in portions of the uk. seeing slippery roads out here, also gusty winds pushing off toward the low country, also seeing heavy rainfall and into the alpine regions, winds gusting up to right around 100 kilometers per hour could be expected here, plus heavy snowfall. the good news outside of the mountains, temperatures for your high temperatures on your thursday are going to be mild here. london, a high of 8. paris, up to 11. look at rome and athens, both a pair of 17s here on your thursday. now here's a look at your extended forecast. >>> we'll be back in 30 minutes with more news. i'm gene otani in tokyo. from all of us at nhk news, have a great day. thanks for joining us. have a great day wherever you are.
in across the uk, down into much of france. flooding is likely. it should be fine across much of the iberian peninsula, 15 degrees expected in madrid. further east, this extends through north africa, so for both tripoli and benghazi, it will be cloudy, the chance of some showers. 19 degrees in cairo as a maximum. along the coast, for the west, whitely dryer -- likely dryer. solutions for america, friday, 7:00 p.m. eastern, 4:00 p.m. pacific. >> hello again. top stories on al jazeera, at least 30 people have been killed in southeastern kenya. the deaths in the delta region have been blamed on fighting between the orma and pokomo tribes. the first round of the draft for the egyptian constitution is planned for friday. u.s. president barack obama says he will work with congress to avert spending cuts and tax hikes in the new year. where republicans budget bill to avert the -- a republican budget bill to avert hit the fiscal cliff was killed in the house. 20 people have been killed in flash floods and landslides in sri lanka. 14 people are missing. tens of thousands of people have been affected.
, for example, the uk, it's actually a relatively small amount. if japan tries a much larger qe event, surely we go down the route of the uk which in and of itself does not demonstrate a huge increase in inflation and a huge increase in market growth, either. >> arguably, that is one of the problems with the huge task that the boj has ahead of it. people progress in terms of growth, japan has bigger problems, much bigger problems in terms of the demographic in terms of the structural hold back. so there are a lot of sectors at play now. i think one of the names that the boj has is whether this will work or not. but if were looking at it more from a yen perspective, certainly two things are going to drive the yen are going to be the relative price of the boj balance sheets with respect to, perhaps, the fed and the ecb and the other being the jgb. >> and briefly, in summary, what are your favorite strategic calls? >> the strategic calls for us are going to be buying the rupee against the yen. we are looking for the yen to depreciate further and keeping our fingers cross on some policy upside comin
over to the delta brand. this is all about increasing its exposure into the uk market, specifically the slots at heathrow. those remain the crown jewel in terms of the airline business going over to europe. if you have access to those slots, it's a much easier way to become profitable or increase your profits over in europe. by the way, there are 31 daily flights between the uk and north america. we'll find out exactly what happens in terms of frequent flier redemption possibilities between delta and virgin atlantic. remember, virgin atlantic is not part of any global alliance, not part of the sky team alliance, although many wonder if that's going to change with some time. take a look at shares of delta. richard anderson has had a nice little move here. some people would say, listen, this is all about jet fuel as it has moderated. there's something else at play here. we'll be talking with richard anderson about this at 11:40, first on cnbc. we'll talk to him after the press conference announcing this deal. you don't want to miss what he has to say. this is a ceo, and we've talked a
capped. spain requesting financial assistance. we'll keep our eye on the uk as we head toward the bank of england meeting this week p. dollar index has hit a one month low. you're redollar up to euro-dollar up near the high we saw yesterday. dollar-yen moving away from the 7 1/2 month high. rebounding against the dollar and the euro ir, as well. priced in a lot in terms of monetary policy out of japan. and aussie dollar, 1.0463, yes, we have cut the cash rate in australia to match the record low of 3%. but we see the aussie dollar rise because it's pretty much all priced in. sterling-dollar also getting a benefit. back over 1.61. so that's where we stand in european trade. let's recap the asian trading session for the first time today, when you not the last. >> thank you, ross.not the last. >> thank you, ross. shanghai composite recovered from its four year low as property financials, rebounded. shale gas and geothermal plays also rallied as beijing plans to cut its annual coal consumption target by 2015. the hang seng finished m eed marginally in the green. losses in the services sect
didn't think that was the way to solve the crisis. when you look at the so-called -- in the uk and now a new report by the european commission to, they propose something that smells like glass-steagall. with a difference. they say let's separate all those activities, use the same language about proprietary activity and trading and all the rest, and they say but let's keep it in same holding company. but we will separate the banking subsidiaries from the investment banking subsidiary, and will put all the trading, more than i would, in this subsidiary, or all these underwriting, although lending come all the prime growth, lending to hedge funds and property funds. let's see cluster them in a separate subsidiary and will have this other security that is for commercial banks. now when i see this i wonder why didn't they take the final step and say no, that's going to be a separate company. because it's very hard -- and say that they are not related and independent. they immediately run into problems. may run into problems. what transaction will exist between the investment bank and retail
.s. ambassador to the u.k. or france. what? my take on that next. stuart: superstorm sandy made landfall in america more than a month ago. some businesses are still seeing the effects. shares of darden restaurants, that's the company that owns red lobster, olive garden, they are down today after the company announced it expects to make less money next year than it originally forecast. the company is blaming superstorm sandy for its lackluster performance. republicans submitted their solution to the fiscal cliff yesterday. white house and other democrats dismissed it immediately. take a look at how that affected the market this morning. not at all. the dow is up 43. 13,000 is where we are. liz macdonald says we will see is a last minute deal, christmas eve, new year's eve, on the fiscal cliff. we shall see. next, a special early my take. i am fired up about the prospect of ambassador anna wintour. i couldn't wait for the normal time. i'm going to do it early. stay right there. and one of the most cited economists in the world. professor sargent, can you tell me what cd rates will be in tw
week. that would coincide with south korea's presidential elections. the u.k., israeli envoys to the country in protest of the israeli prime minister's plan to build 3,000 settlement homes in the west bank. israel authorized the housing units after the united nations voted to upgrade palestinian status. palestine opposed the move. george hw bush in stable condition after receiving treatment for a bronchitissrelated cost. the 88-year-old has been in the hospital for a week receiving treatment visited by the children, including former president george w. bush. those are your headlines. back to lori and connell. >> thank you. >> sales numbers, general motors up 3% from last year, and others in the green as well thanks to, believe it or not, hurricane sandy. >> jeff flock has the story at the bureau in chicago. hi, jeff. >> indeed. two headlines. sandy one, and the other is fiscal cliff. starting to see the first impacts now in terms of considerations about fiscal cliff on the sales call today with ford keeping production up in the first quarter. they are bullish, increasing produ
irish fan, so hopefully not. >> is dolmen all over the uk? >> that's correct. they're predominantly in ireland, but you look at ireland right now, they're actually going through the reforms. they're trying to inject money in a credit fashion into their economy. and we certainly think we can bring our fixed income expertise and continue to help them. >> that would make sense for cantor. ireland was the mf-will first they were in trouble, then the model for the world. what got them into trouble again, housing or real estate or something or bad banks or -- and now again they're kind of a model for everyone on how to handle it. is that basically the last five years? >> absolutely. certainly was a real estate bubble there. now there are austerity measures being put in place and they're actually following through on the austerity measures. so certainly they'll come out first and actually look pretty good. >> so where is the most business for you for cantor in ireland, what will you be doing? >> certainly it's an equity based firm. we'll bring our fixed income expertise, probably become th
are in place in scandinavia and in germany and the u.k. and reshaped those market forces, and the way we shape those market forces has been the result of the least equality of opportunity contrary to our image of our self. it's really a myth. the countries that have imitated the united states have done like the united states. the u.k. used to be in the middle of the elite table and now we are expecting of the income inequality whereas it struggled and inequality has increased a little bit but it is still the least -- the most the quality of opportunity. .. even canada is, less harsh society than ours and the same environment we are, speak the same language, these are choices and choices about how we run markets. the distribution of marketing, there is a lot you can do, it is choice about what you do after words as well, providing universal health coverage or provide decent support or an educational system that is well funded for everybody, not just people in the right neighborhoods. >> and the tax system is obviously important, not only for inequality opportunity, but also growth. so for insta
and the uk government on following the lead of the scottish government and scottish parliament in its using equal marriage minimum pricing for alcohol and previously on the smoking ban. given the fact that unemployment is now lower in scotland than the rest of the uk, will he follow the lead of the scottish government by introducing a more shovel-ready measures for economic growth? >> i think what the honorable gentleman will find is because of the measures taken in the autumn statement, there's an extra 300 million pounds for the scottish government to spend, so if they want to spend that on shovel-ready measures they can. but i certainly am happy to say that when good policies are introduced in any party, in the united kingdom to i think we all have the opportunity to follow them. >> order. statements, the prime minister. >> here on c-span2 we will leave the british house of commons now as they move onto other legislative business. you've been watching prime minister's questions time era questions time error of life wednesdays at 7 a.m. eastern of parliament is in session. you can see thi
is 2.4% more than the u.k. will the prime minister be gracious enough to congratulate iceland on working hard? >> if the case for an independent scotland is make us more like iceland, i am not sure i would -- that would totally recommend itself to the voters. i have a very good relations and i will make sure that remains the case. >> can i welcome the unemployment, where unemployment has fallen steadily, i urge the prime minister -- steadily. >> i am grateful for the point. we will continue for the use contract, and worked experience. what we are seeing is large numbers of people who go into work experience come off benefits, by a job, and find it is a good start to a career and a working career. that is what we want to see. i thank you. unemployment in scotland [indiscernible] is the prime minister as shocked as i am that some managers were encouraging employers to go into unpaid walk-in experience placements? will the prime minister condemn this practice immediately? >> an important point. we want work experience places to the additional places, encouraging more young people
in virgin. fill lebeau, what does it mean for both? >> for both? delta, more business over to the uk, lucrative business. we'll talk to the ceo of delta in a few minutes. rick santelli tracking the action at the c mulch e. what was it like today? >> it wasn't bad. we're going to give this auction a hook, an absolutely dead smack in the middle of the curve c. there's some strange inputs in this auction. $32 million yields a .327, which is exactly in the middle bitten off on wi. so pricing is fine. if you look at internals, a bid to cover -- to find a lower bid to cover they have to go back to february. if you look at direct bidding at 24.8, that is a record. that's almost twice 13%. if you look at indirect bids it's almost exactly the opposite. 22.9 well below 32% auction average and lowest since may of '07. we walk away thinking not so great. now that yield i mentioned, .327 is a record all-time low yield for the threes. after i sypher all that we come up with an average and look forward to $21 billion, ten years, early auction because of the fed decision. back to you, tyler. >> rick
across the southern portions of the uk, though. what this is going to be bringing is the risk of flooding. last week you saw very significant flooding here, and the ground is already stamp rated so you do not need any more rainfall coming across this yair. speaking of flooding, turkey, flashflooding, also at risk of a strong and severe storm system pushing across the country on your friday and going into the weekend. temperatures remain rather cold into the west, moscow, mais now 4 for your high, and 5 and 6 in london and paris starting off your weekend. now here's a look at your extended forecast. ♪ >>> we'll be back with more updates in 30 minutes. i'm gene otani in tokyo.
scandal. in june, u.k. regulators slapped britain's barclays bank with a $450 million fine for similar charges. >> susie: u.s. regulators may be near an end to an anti-trust investigation of google's internet search results. at issue is whether google manipulates results of its internet search enge to hurt competitors. it was accused of unfairly promoting its shopping and travel services over those of others. google denies it used its dominance in the search business to hurt rivals. the federal trade commission is expected to wrap up the probe by the end of the year. and why a new program to help student loan borrowers could on another front google allowed its google maps app to be used on apple iphones, this has been a real controversial issue, as you know. and now apple iphone users will have access to that and it's not just about getting directions. a lot of revenues are involved here, advertising revenues, huge, enormous. >> big news. >> tom: it was. three months in the making, of course, when apple unleashed its new iphone it didn't come with that goog el-- google map app, now is
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